South Dakota Codified Laws 58-30-31. Firms and corporations–Business within scope of agreement or articles of incorporation
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No firm or corporation shall be so licensed unless the business to be transacted thereunder is within the scope of the partnership agreement or articles of incorporation.
Terms Used In South Dakota Codified Laws 58-30-31
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Source: SL 1966, ch 111, ch 9, § 10 (4).